Sullivan Street Nears Deal for Senior's Aerostructures Unit

(Bloomberg) -- Investment firm Sullivan Street Partners is nearing a deal for British engineering group Senior Plc's aerostructures unit, which supplies components to Airbus SE and Boeing Co., people with knowledge of the matter said.
London-based Sullivan Street could reach a final agreement with Senior in the coming weeks, the people said, asking not to be identified because the information is private. A deal would value Senior's aerostructures operations at about £200 million ($268 million) including debt, the people said.
Sullivan Street is poised to beat out other suitors including investment firm Aurelius, the people said. While talks are advanced, an agreement could still be delayed or fall apart, the people said. Representatives for Senior and Aurelius declined to comment. A spokesperson for Sullivan Street couldn't be reached for comment.
Senior said last week that it had made 'further good progress' and 'detailed discussions with parties are ongoing.' A sale would end a long search by the company, which has been working with adviser Lazard Inc. to sell the aerostructures business since 2019.
The divestment would leave Rickmansworth, England-based Senior focused on its fluid conveyance and thermal management businesses and sub-systems. It operates in 12 countries, according to its website. The board last week forecast 'good growth' for the group in 2025, helped by the aerospace business. The company has a market value of £560 million.
Sullivan Street focuses on the lower mid-market and acquires controlling stakes in UK-based businesses, its website shows. The investment firm recently acquired three marine infrastructure companies in the UK.
--With assistance from Swetha Gopinath.
More stories like this are available on bloomberg.com
First Published: 30 Apr 2025, 03:05 AM IST

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